All this probably means there are more job cuts to come on top of the 2,000 in mortgage banking JPM announced this morning.

Those jobs, though, will be on the low-skilled side of the labor force. JPM hired 7,000 people in risk management last year, which shows that on the higher-skilled side of the labor force, demand is there.

By assuming core processes in factories, labs, hospitals, offices, will machines make people irrelevant or unemployed? Consider this argument that humans partnered with such machines will give rise to efficiency, customer service and innovation.